We Have the Long-Awaited News About Who Will Control the Minnesota State House
60 Minutes Reporter Who Told Trump Hunter's Laptop Can't Be Verified Afraid Her...
Wait, Is Joe Biden Even Up to Sign the New Government Spending Bill?
Van Jones Has Been on a One-Man War Against the Dems
Van Jones Clears the Air About Donald Trump With a Former CNN Editor,...
NYC Mayor Eric Adams Explains Why He Confronted Suspected UnitedHealthcare Shooter to His...
The Absurd—and Cruel—Myth of a ‘Government Shutdown’
When in Charge, Be in Charge
If You Try to Please Everybody, You’ll End Up Pleasing Nobody
University of Arizona ‘Art’ Exhibit Demands Destruction of Israel
Biden-Harris Steered Us Toward Economic Doom; Trump Will Fix It
Trump Hits Biden With Amicus Brief Over the 'Fire Sale' of Border Wall
JK Rowling Marked the Anniversary of When She First Spoke Out Against Transgender...
Argentina’s Milei Seems to Have Cracked the Code on How to Cut Government...
The Founding Fathers Were Geniuses
Tipsheet

Trump Signs 'Phase One' of Trade Deal with China

AP Photo/Tony Dejak

President Trump signed Phase One of his trade deal with China on Wednesday, heralding it as a measure that will bring about "a sea change in international trade."

Advertisement

"We never had a deal" with China before that serves American interests, Trump said at the White House signing ceremony. But he said he didn't blame China that, he blamed his predecessors.

The deal requires China, in part, to “greatly expand” the products it buys from America, more than $200 billion over the next two years, Trump explained. Beijing is expected to increase orders of soybeans, pork and other U.S. farm products by $32 billion, manufactured goods by about $80 billion, energy products by $50 billion and of services by about $35 billion, the Wall Street Journal explains in its breakdown. China also agreed to give U.S. companies greater access to its financial services sector. 

Republicans are eagerly on board, noting that Phase One will "level the playing field."

Advertisement

Chinese Vice Premier Liu He read a statement from Chinese President Xi Jinping, who also spoke positively of the agreement.

The trade deal "shows that our two countries have the ability to act on the ability of equality and mutual respect," it read.

But, Trump noted that this phase of the deal does not remove U.S. tariffs on China. That, he said, will hopefully come in time. Phase Two will be started "as soon as" Phase One kicks in and he'll agree to remove the tariffs if that chapter is a success.

Trump signed the trade agreement a few hours after Democrats announced the managers who will be leading the Senate impeachment trial against him.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement